Artemis Gold (ARTG) investor relations material

Executive summary

• Achieved gold production of 60,985 ounces in Q3 2025 at an all-in sustaining cost (AISC) of $840/oz, with mill throughput averaging 101% of design capacity and operational outperformance.

• Q3 revenue reached $308.1 million, with 62,863 ounces of gold sold at an average realized price of US$3,489/oz.

• Cash flow from operations was $163.7 million, and adjusted net income was $141.7 million for Q3 2025.

• Safety milestone achieved with over 6 million hours worked without a lost-time incident.

• Commenced construction of Phase 1A expansion to increase processing capacity by 33% by Q4 2026 and arranged a $700 million credit facility, drawing $458 million to refinance long-term debt.

Financial highlights

• Q3 2025 revenue: $308.1 million; YTD 2025 revenue: $580.2 million.

• Adjusted net income was $141.7 million, with adjusted EBITDA at $211.4 million for Q3 2025.

• Cash flow from operations was $163.7 million, supported by an average realized gold price just under CAD 4,800/oz.

• Ended the quarter with $75.3 million in cash and total liquidity of $317.3 million.

• Notable non-cash items included a $17 million fair value adjustment on voluntary hedges and a one-time $13 million finance expense from early extinguishment of the project loan facility.

Outlook and guidance

• Full-year production guidance maintained at 190,000–230,000 ounces, expected at the lower end due to higher mill downtime and lower recoveries.

• AISC guidance revised upward to $825–$875/oz (from $670–$770/oz) due to higher reagent and maintenance costs, with expectations for cost normalization in 2026 as optimizations progress.

• Targeting 10% above design throughput by year-end, with incremental benefits from Phase 1A expansion expected as new equipment is brought online.

• Phase 2 investment decision expected by year-end, with construction to commence in Q2 2026.